TRENTON, N.J. (KYW Newsradio) — At a Trenton
news conference Tuesday, Gov. Phil Murphy said New Jersey's corporate tax incentive program was "rigged" to favor special interests.
His comments came one day after a New Jersey task force reported that interests connected to power broker George Norcross helped draw up tax credits that benefited them.
"We are not just dealing with a broken system. This is a rigged system," said Murphy. "This was designed by special interests to benefit special interests."
And, through this budget process and beyond, I will continue advocating for tax fairness, a New Jersey that puts the middle class ahead of the special interests, along with sound fiscal practices that will provide stability and set our state up for long-term success.
— Governor Phil Murphy (@GovMurphy)
June 18, 2019 The program expires at the end of the month, and Murphy said he would veto any bill that renews state Economic Development Authority programs without reforming them.
As the June 30 budget deadline approaches, Murphy also said he was holding firm to his desire to increase taxes on those making more than $1 million a year.
"The pressure to pass a millionaires tax will intensify and not lessen if it is not included in this budget," he added.
Democratic leaders in the state Legislature have introduced a competing budget without the millionaires tax.
